Animal Health Overview
Growth in the pet population, increasing penetration of pet insurance, pet humanization within the growing global urban population and increased awareness of animal welfare needs due to social media are helping the veterinary industry to maintain growth at 6.2% a year, according to a new market research report.
However, growth is being held back below the 7.2% the market was achieving until recently by high costs for equipment, licenses and trained personnel. These high costs, which in turn affect prices, make veterinary services less affordable.
In developed countries like the USA, one key indicator — the number of visits to veterinary clinics by pet and livestock owners — has fallen recently. This probably resulted from a combination of decreasing affordability and the availability of information online. According to the American Pet Products Association, 43% of dog owners and 41% of cat owners rely on online information.